Small Businesses Now Have Stop-Loss Insurance Options Through Medical Risk Managers' Gradient AI

Small, self-funded businesses can now receive stop loss solutions from insurers thanks to improved access to important claims and underwriting data.

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The largest full-service managing general underwriter (MGU) in the country, Medical Risk Managers (MRM), has chosen Gradient AI's SAILTM solution to provide stop loss insurance to small, self-funded groups. Gradient AI is a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry.

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Many small and midsize businesses are switching to self-funded insurance plans as healthcare prices climb. Employers frequently purchase high-deductible stop-loss insurance to cover the risk of unforeseen catastrophic claims in order to balance the financial risks associated with these programs. In the past, large corporations have tended to self-insure since it has been challenging for smaller businesses to collect the claims information necessary to buy stop-loss insurance.

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Medical Risk Management, Inc. has over 35 years of experience underwriting stop loss insurance on behalf of its insurance carrier partners. MRM wants to help more small businesses with self-funded solutions in response to rising customer demands and the evolving business environment. In order to serve this market especially, MRM developed its small business underwriting expertise and expanded its underwriting and pricing capabilities. MRM picked Gradient AI's SAIL solution after considering a number of alternatives due to its advanced analytical capabilities and the breadth and depth of its medical, lab, and prescription data.

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According to Chris Rice, president of Medical Risk Management, "With the rising expense of healthcare, we are seeing that self-funded plans with stop loss insurance have become increasingly popular with smaller groups." Self-funded plans provide more flexibility, control, and opportunities for cost savings; however, up until now, we were unable to offer these plans to smaller businesses due to the lack of available claims history. Now, however, with access to the robust data and analytics that Gradient AI's SAIL solution provides, we are able to quote business that was previously impossible.

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MRM can assess group health risk more thoroughly because to Gradient AI's extensive dataset and machine learning capabilities. Employers who may have previously been unable to self-insure can now do so because to MRM's ability to design highly tailored and affordable self-insured solutions. The SAIL medical underwriting solution from Gradient AI enables MRM to gain a thorough and precise picture of a group's health status.

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We are thrilled to be a part of the solution that makes all of this possible, said Stan Smith, CEO and founder of Gradient AI. "MRM's ability to now offer stop-loss insurance to small businesses has expanded its market while enabling these businesses and their employees, and families, to enjoy better, more cost-effective healthcare coverage," he added. We are dedicated to supporting MRM's aim of providing stop loss coverage at any deductible level, over any network, and in any zip code nationally as they continue to expand.

About Gradient AI.

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For the insurance sector, Gradient AI is a top supplier of tested artificial intelligence (AI) solutions. By more accurately forecasting underwriting and claim risks and by utilizing intelligent automation to speed up quote response times and lower claim costs, its solutions increase loss ratios and profitability. The software-as-a-service (SaaS) platform from Gradient, in contrast to competing products, makes use of a massive dataset made up of tens of millions of policies and claims. Several additional features are also included, such as data on the economy, health, geography, and demographics. Some of the most well-known insurance companies, MGAs, TPAs, risk pools, PEOs, and sizable self-insureds across all major lines of insurance are among the clients. The solutions offered by Gradient AI help insurers of all stripes get a greater return on risk.